Functional Governance

How we govern
our business

Bidvest is unwavering in ensuring the highest standards of corporate governance and responsibility. There is a deeply entrenched functional governance structure that places significant reliance on the ethical behaviour of all Bidvest employees, which is firmly entrenched across the Group. There is a high hurdle of responsibility on everyone.

The Group board and its six sub-committees together with seven divisional boards and Audit committees, chaired by independent non-executives, provide robust oversight. Combined assurance receives deliberate and focused attention at Bidvest. The Audit committee ensures that our combined assurance model adequately addresses Bidvest’s risks and material matters through the aggregated efforts of assurance providers. Continually optimising our combined assurance model avoids duplication and rationalises collaboration efforts upstream amongst assurance providers. This enables an effective control environment and ensures the integrity of information used for reporting and decision making.

  • Code of Ethics and Levels of Authority matrix governs day-to-day activities
  • Key issues discussed and reviewed by board and its sub-committees
  • Bidvest Ethics Line, externally managed
  • Internal audit function (progressive, independent, value-adding, responsive)
  • Governance built into short- and long-term incentives

Functional governance comes from the heart

Doing the right thing, even when no one is watching

Results in:

dynamic and iterative risk assessment and mitigation actions;

strategic review and identification of opportunities; and

stakeholder engagement

  • Processes/structures at business level are the first line of defence
  • Business and divisional Excos, Risk and Audit committees
  • Due diligence on all third-party partners externally verified

IT governance and security

The IA function is an independent, value-adding, progressive and responsive service to Bidvest shareholders. Given the ever-increasing dependencies of the business on IT, specialised IT audit and consulting skills remain a necessity in the function. Intelligent automation and data analytics are well-entrenched into the mechanisms of the IA functions with further disruptive digital transformation initiatives fast becoming the reality of the IA function.

An example of such an initiative is ALICE, Bidvest’s digital auditor. She combines intelligent automation and cognitive services to provide audit-as-a-service to the Group companies. Much effort has been afforded to the digital assurance roadmap for Bidvest using the ALICE platform. The appetite for ALICE to connect remotely into data sources across the Group, coupled with the uptake to build remote monitoring and continuous testing capabilities on ALICE, continues to significantly increase.